Buying A Vacation Property? Now Is A Good Time!

Buying A Vacation Property? Now Is A Good Time!2019-01-082019-01-09https://christianpenner.com/wp-content/uploads/2017/07/cp-mortgage-logo-v2.pngChristian Penner Mortgage Teamhttps://christianpenner.com/wp-content/uploads/2019/01/buying-a-vacation-property-now-is-a-good-time-tcpmt.jpg200px200px

Buying A Vacation Property? Now Is A Good Time!

Every year around this time, many homeowners begin the process of preparing their homes in case of extreme winter weather. Some others skip winter all together by escaping to their vacation homes in a warmer climate.

For those homeowners staying at their first residence, AccuWeather warns:

“The late-week cold shot should fade next week, but this is a warning shot for winter’s return late in the month and early February.”

Given this, it’s time to go and stock up on winter weather supplies! However, if you’re tired of shoveling snow and dealing with the cold weather, maybe it’s time to consider obtaining a vacation home!

“Nearly 14.5 million U.S. properties (are) equity rich — where the combined estimated amount of loans secured by the property was 50 percent or less of the property’s estimated market value — up by more than 433,000 from a year ago to a new high as far back as data is available, Q4 2013.

This means that over a quarter of Americans who have a mortgage would be able to use some of their home equity to make a significant down payment toward a vacation home, and many are doing just that! According to the same report by NAR: